section 10

Export Finance & Insurance

Outlined below are the products offered by the various financial institutions and insurance companies in Fiji for exporters

10.1 - RESERVE BANK OF FIJI

I. Import Substitution & Export Finance Facility

• Affordable domestic credit
  
• Available to primary and secondary exporters
  
• Facility available to approved lenders
  
• An annual interest rate of 5% with a maximum term of 5 years
  
• Maximum of FJD 1 million per business
  
• The Guidelines can be accessed via the website link
  
• Import Substitution and Export Finance Facility
  

II. Repatriation of Export Receipts to Fiji

• All export receipts must be repatriated to Fiji within 6 months from the date of export – a statutory requirement under the Exchange Control Act Cap. 211 Rev. 1985
  
• The Reserve Bank monitors receipt of proceeds for all exports over FJD $20,000
  
• Bank confirmation by way of original bank statements or completed Form 1.3 by the commercial banks are to be submitted to the Reserve Bank of Fiji
  
• Failure to comply could result in legal penalties
  

III. Offshore Borrowing

Exporters are allowed to access funding from offshore, however, the approval of the Reserve Bank of Fiji is required for offshore borrowing over FJD 5 million. Applications can be made to the Reserve Bank on Form 1. This form can be obtained via the website link‍

IV. SME Credit Guarantee Scheme

The Fiji Government established the SME Credit Guarantee Scheme (SMECGS) in an effort to promote and develop the local businessindustry, improve private sector lending to small and medium enterprises (SME) and stimulate growth. SMECGS is expected toimprove SME access to finance and at the same time enable lending institutions to share part of the risk with Government. Under theScheme, Government will guarantee to pay 50 percent of the principal outstanding on defaulted SME loans up to a limit of $50,000per business. The guarantee covers lending to all sectors except for loans to Sugar Cane farmers and Government-subsidisedbusinesses. Administered by the Reserve Bank of Fiji, the scheme is accessible to commercial banks, licenced credit institutions(LCIs) and the Fiji Development Bank.

V. Contact Details

10.2 - COMMERCIAL BANKS

10.3 - CREDIT INSTITUTIONS

10.4 - FIJI DEVELOPMENT BANK

Commercial Loans - You can obtain further information on this website link

Export Credit Facility - the facility provides working capital needs for exporters in any of the eligible sectors (Agro-business, Forestry, Marine Products, Mineral Water, ICT, & Audio Visual) that facilitate the export process and customers will have access for the purchase of equipment and expenses related to exports. More information can be obtained via the website link

Import Substitution and Export Facility - this finance facility is for primary and secondary exporters. More information can be obtained via the website link

Off-shore fishing loan - loans are available for the purchase of drop-line fully equipped fishing vessels & working capital. More information can be obtained via the website link

10.5 - INSURANCE COMPANIES